Tesco joins loans market

Tesco Ireland has announced that its personal finance business (Tesco Personal Finance) is to enter the loans market in Ireland, providing personal loans of up to €30,000.

Amounts from €2,500 to €30,000 may be borrowed at fixed rates as low as 7.9% APR, with repayments up to 10 years.

Fixed rates range from 7.9% for loans over €8,000 to 8.9% for loans of €5,000 - €7,999 and 11.9% for loans under €5,000.

“We are delighted to be able to cut the cost of borrowing for consumers across Ireland,” Dermot Breen of Tesco Ireland said today.

The new loans service, offered in association with Ulster Bank, will be available to customers via a special telephone line (1850 520 520) and will initially be promoted in 10 Tesco stores (Finglas Clearwater, Artane, Merrion, Wilton Cork, Dundalk, Longford, Killarney Park, Newbridge, Galway and Roxboro Limerick).

Tesco Loans also plan to have an application form available online in the coming months and brochures will be available in all Tesco stores within the coming weeks.